Business
Castor Maritime Inc. Reports Financial Results for the Three Months and Year Ended December 31, 2019
LIMASSOL, Cyprus, March 04, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, March 04, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced its results for the three months and year ended December 31, 2019. \n Earnings Highlights of the Three Months Ended December 31, 2019: Revenues, net: $2.8 million for the three months ended December 31, 2019, as compared to $1.1 million for the three months ended December 31, 2018, respectively;Net income: $0.5 million for the three months ended December 31, 2019, as compared to $0.3 million for the three months ended December 31, 2018, respectively; Earnings/(loss) per share: $0.20 earnings per share for the three months ended December 31, 2019, as compared to a loss per share of $0.30 for the three months ended December 31, 2018, respectively; EBITDA: $1.1 million for the three months ended December 31, 2019, as compared to $0.4 million for the three months ended December 31, 2018, respectively; andFleet time charter equivalent of $10,789 per day. Earnings Highlights of the Year Ended December 31, 2019: Revenues, net: $6.0 million for the year ended December 31, 2019, as compared to $4.4 million for the year ended December 31, 2018, respectively;Net income: $1.1 million for the year ended December 31, 2019, as compared to $1.5 million for the year ended December 31, 2018, respectively; Earnings/(loss) per share: earnings per share of $0.31 for the year ended December 31, 2019, as compared to loss per share of $0.32 for the year ended December 31, 2018, respectively;EBITDA: $2.2 million for the years ended December 31, 2019 and 2018, respectively; andFleet time charter equivalent of $10,471 per day. Recent Business / Financial Highlights: Concluded a $4.5 Million Senior Secured Term Loan Facility in January 2020.Issued and sold in a private placement an aggregate principal amount of $5.0 million of Convertible Debentures in February 2020. Earnings Commentary: Fourth Quarter ended December 31, 2019 and 2018 Results Time charter revenues, net of charterers’ commissions, for the three months ended December 31, 2019, increased to $2.8 million from $1.1 million in the same period of 2018, or a 154.5% increase. This increase reflects the addition of both the Magic Sun and the Magic Moon to our fleet on September 5, 2019 and O...